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News // Middle East and OPEC

Russian producers agree to cut oil output but details elusive

Russia’s energy minister said he had reached a framework agreement with oil companies on how to implement an output cut, but the producers said there were still details to be worked out.

16 December 2016 , 10:07Neftegaz.RU6170

Russian oil producers loosely in line with OPEC

Russian oil companies have warmed to an OPEC decision on production levels, but only in very loose terms, the Russian energy minister said.

09 December 2016 , 12:11Neftegaz.RU6110

Analyst says Russia cutting 300,000 barrels is a joke

Although the tone of some Organization for the Petroleum Exporting Countries earlier this year was that the global market was already rebalancing, two of the cartel's leading ministers now say in order for the rebalancing to work, non-members must contribute to the OPEC cutback scheme that was ratified last week.

08 December 2016 , 18:03Neftegaz.RU7190

Venezuela says Russia played key role with OPEC

Russia was pivotal in the decision last week by members of OPEC to agree to a production ceiling starting in January, Venezuela's oil minister said.

08 December 2016 , 12:08Neftegaz.RU5330

Barkindo: OPECs’ decision to cut production not contingent upon talks with non-OPEC members

OPEC Secretary General Mohammad Barkindo said that OPECs’ decision to cut production and comply with the committed output levels is not contingent upon the outcome of the meeting with non-OPEC countries scheduled to take place on December 10, 2016.

06 December 2016 , 17:25Neftegaz.RU5950

Azerbaijan’s Energy Minister plans Vienna visit for OPEC meeting

Azerbaijan’s Energy Minister Natig Aliyev will participate in OPEC’s meeting with non-OPEC countries that will be held on December 10 in Vienna.

06 December 2016 , 12:09Neftegaz.RU5550

Iranian President: No limit for oil production and exports

President Hassan Rouhani said that Iran has no limit for oil production and exports in the coming months.

05 December 2016 , 10:03Neftegaz.RU8700

Opinion: All eyes on Russia in wake of Opec deal

Oil traders’ attention will turn to Russia following Opec’s landmark decision on crude output, said a prominent petro-economist.

01 December 2016 , 12:33Neftegaz.RU5560

OPEC has reportedly agreed a production cut — and oil is going wild

The price of oil is surging after reports that the oil producers cartel OPEC has agreed a deal to cut output.

30 November 2016 , 18:04Neftegaz.RU6550

OPEC focusing Pre-Vienna diplomacy on Iran, Russia - which is holding firm on a production freeze, not cut

With only a few days to go before OPEC Vienna meeting to ratify its oil cutback deal, and amid disturbing developments such as Saudi Arabia saying it will not attend a pre-meeting of non-OPEC members.

28 November 2016 , 11:03Neftegaz.RU5940

Maduro: Venezuela has the OPEC deal in the bag

After earlier this week OPEC tabled the issue of Iran’s and Iraq’s participation in the OPEC deal until November 30, the markets might have thought there would be little jawboning left to do until that day. But not so fast.

25 November 2016 , 17:37Julianne GeigeNeftegaz.RU4860

Iran optimistic on OPEC production cuts after Barkindo visit

Iranian Oil Minister Bijan Zanganeh said he’s optimistic that OPEC members will agree to proposed production cuts at a meeting in Vienna later this month.

22 November 2016 , 14:09Neftegaz.RU5000

Let's consider freezing oil production, Russia says

Major oil-producing nations could implement a freeze in output levels as a tool to bring the market back into balance, Russia's energy minister said.

21 November 2016 , 13:00Daniel J. GraeberNeftegaz.RU4860

Russia stirs oil production proposal pot

Talks over production levels are expected to yield positive results, including any talks with Iranian representatives gathered in Doha, a Russian minister said.

18 November 2016 , 12:05Daniel J. GraeberNeftegaz.RU5550

Saudi Arabia and Russia to meet ahead of OPEC meeting

Saudi Arabia’s Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak are said to be heading to Qatar later this week for an unscheduled meeting, according to industry sources quoted by Reuters.

16 November 2016 , 18:00Tsvetana ParaskovaNeftegaz.RU5320

Hyundai and Saudi Aramco sign contract for Uthmaniyah ethane recovery

Hyundai and Saudi Aramco have inked contracts for the company’s Uthmaniyah Ethane Deep Recovery Project.

16 November 2016 , 16:02Neftegaz.RU10570

Israel energy minister hopeful on gas export

Israel's energy minister Yuval Steinitz sees a very rosy future for Israel's natural gas economy in general and for gas exports in particular.

15 November 2016 , 14:11Ya'acov ZalelNeftegaz.RU5620

Iran stopping gasoline imports

Managing Director of the National Iranian Oil Refining and Distribution Company (NIORDC) Abbas Kazemi says after 36 years, Iran will stop gasoline imports.

14 November 2016 , 17:32Neftegaz.RU4600

Russia and Iran sign flurry of energy deals. What’s next?

As lifting of sanctions on Iran boosted the influx of Iranian crude into international oil markets, some analysts and industry experts reckon that Iran and Russia are likely to be forced to compete with each other for market share in European and Asian markets, especially in the wake of growing tensions between Russia and Europe.

14 November 2016 , 00:09Ekaterina PokrovskayaNeftegaz.RU7830

Analysts worry that Trump win puts pressure on Opec deal

Even though their political predictions were once again proven spectacularly wrong with the surprise election of Donald Trump as the 45th U.S. president, analysts lost no time worrying that his win will upset OPEC attempt to prop up oil prices.

10 November 2016 , 14:11Neftegaz.RU4270

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